Price is a critical component of the

marketing mix because customers are

concerned about the value obtained in an exchange  

Place/Distribution 

 To satisfy customers, products must

be available at the right time and in convenient locations

Promotion can aim to increase public

awareness of the organization and

of new or existing products; to inform

(Ex: Carpet resist staining)

   An organization should try to provide products

that satisfy customer’s needs through a

coordinated set of activities that also

allows the organization to achieve its goals

(Ex: low-salt soup)

The process of planning,

organizing, implementing, and

controlling marketing activities to

facilitate exchanges effectively and efficiently 

Consists of establishing performance

standards, comparing actual

performance with established

standards, and reducing the

difference between desired and actual performance 

     The control process should

be designed so that both managers

and subordinates can understand it

A strategic process involving stakeholder

assessment to create

meaningful long-term

relationships with customers while maintaining, supporting, and enhancing the natural environment 

The process of establishing an

organizational mission and

formulating goals, corporate

strategy, marketing objectives,

marketing strategy, and a marketing plan 

A plan of action for identifying

and analyzing a target market and

developing a marketing mix

to meet the needs of that market 

A tool that marketers use to assess an organization’s strengths, weaknesses, opportunities, and threats 

     Strengths: refer to competitive

advantages or core competencies that

give the firm an advantage in meeting the needs of its target markets

Weaknesses: refer to any limitations

that a company faces in developing or implementing a marketing strategy 

(1) A group of individuals and/or

organizations that have needs for

products in a product class and

have the ability, willingness,

and authority to purchase those products 

(2) The percentage of a market that actually buys a specific product from a particular company

Marketing Planning 

A structure in which top management

 delegates little authority to levels below it

The process of collecting information about

forces in the marketing environment 

The process of assessing and interpreting the information gathered through environmental scanning

(Ex: future demand)

Is the application of knowledge 

and tools to solve problems and perform tasks more efficiently 

(Ex: store using scanners)

A condition existing when a research technique

produces almost identical results in repeated trials 

(Ex: same results)

A condition existing when a research

method measures what it is supposed to measure

(Ex: is it telling you what you want to measure)

data observed and recorded or

collected directly from respondents 

A limited number of unit chosen

to represent the characteristics of the population 

Do you presently have broadband access at home, work, or school?

___Yes  ___No

A market which a large proportion

 of customers have similar needs for a product 

Measuring company sales potential based

on a general economic forecast for a specific period and the market potential derived from it 

Making a product available to

buyers in one or more est areas and measuring purchases ad consumer responses 

The market value of a nation's

total output of goods and services for

a given period; an overall measure of economic standing 

An alliance that merges Canada, Mexico, and the US into a single market 

(Elimination of taxes and tariffs on trade)

The development of marketing strategies

that treat the entire world

(or its major regions) as a single entity